Mitchell Mortgage Rates & Closing Costs

  • JUMP TO:
  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
  • Market Conditions & Pricing
  • Time on Market/Property Size
  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Mitchell averaged 6.66% for the week of 2025-05-22, compared to the national average of 6.86% for the same period.

    The average rate for the prior week (2025-05-15) was 6.51% and one month ago for the week of 2025-04-17, the average rate was 6.83%.

    Mitchell's average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-05-22, the average rate was 6.86%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2025-05-22 6.86%
    Mitchell 30 Year Fixed Rate 2025-05-22 6.66%
    Mitchell 30 Year Fixed Rate Refi 2025-05-22 6.86%
    Mitchell 15 Year Fixed Rate 2025-05-22 6.11%
    Mitchell 15 Year Fixed Rate Refi 2025-05-22 6.61%
    Mitchell 30 Year FHA 2025-05-22 6.41%
    Mitchell 30 Year FHA Refi 2025-05-22 6.41%
    Mitchell 30 Year USDA 2025-05-22 6.63%
    Mitchell 30 Year USDA Refi 2025-05-22 6.53%
    Mitchell 30 Year VA 2025-05-22 6.62%
    Mitchell 30 Year VA Refi 2025-05-22 6.62%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Mitchell, SD.

    Mitchell Top Lenders by Rates & Fees

    The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Mitchell, SD market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Plains Commerce Bank 46 6.23% $4,845
    CORTRUST MORTGAGE, INC. 32 6.39% $4,895
    First Dakota National Bank 20 6.67% $2,623
    BANKWEST, INC. 9 6.64% $5,335
    UNITED WHOLESALE MORTGAGE, LLC 5 7.39% $4,810
    First International Bank & Trust 5 6.95% $3,331
    U.S. Bank 4 6.59% $4,262
    First PREMIER Bank 4 6.56% $3,732
    Wells Fargo Bank 3 7.04% $3,051
    First National Bank of Omaha 3 6.58% $3,830
    LOANDEPOT.COM, LLC 2 6.81% $5,320
    QUICKEN LOANS, LLC 2 6.50% $8,184
    Reliabank Dakota 2 6.63% $5,923
    Discover Bank 2 7.07% $0
    Farm Credit Mid-America, ACA 2 7.31% $5,745
    American Bank & Trust 2 6.56% $3,639
    First Interstate Bank 1 8.00% $4,171
    AmeriHome Mortgage Company, LLC 1 6.38% $4,402
    Barrington Bank & Trust Company, N.A. 1 6.63% $5,168
    CU MORTGAGE DIRECT, LLC 1 6.63% $4,770
    21ST MORTGAGE CORPORATION 1 8.07% $5,928
    IOWA BANKERS MORTGAGE CORPORATION 1 7.00% $5,153
    SIOUX FALLS 1 7.00% $5,928

    Mitchell Average Closing Costs & Other Stats

    Mitchell, SD's 23 lenders originated 403 loans during 2024. The total origination value was $90,425,000, with an average loan value of $224,380.

    Mitchell's average closing costs are $4,368.

    The top Mitchell lender as defined by loan originations is Plains Commerce Bank, with 46 loans originated. Their average total fees are $4,845, which is $50 lower than the next largest lender, CORTRUST MORTGAGE, INC..

    The lowest fee Mitchell lenders (with over 10 loans originated) are First Dakota National Bank ($2,623), Plains Commerce Bank ($4,845), CORTRUST MORTGAGE, INC. ($4,895), .

    The lowest rate Mitchell lenders (with over 10 loans originated) are Plains Commerce Bank (6.23%), CORTRUST MORTGAGE, INC. (6.39%), First Dakota National Bank (6.67%), .

    Mitchell, SD Mortgage Market Share & Volume

    Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.

    Name 2023 Loan Value 2024 Loan Value % Change 2024 Market Share
    Plains Commerce Bank $17,320,000 $21,965,000 26.8% 24.3%
    First Dakota National Bank $6,830,000 $16,280,000 138.4% 18.0%
    CORTRUST MORTGAGE, INC. $9,310,000 $11,010,000 18.3% 12.2%
    BANKWEST, INC. $4,940,000 $8,120,000 64.4% 9.0%
    Cornerstone Bank $3,710,000 n/a 4.1%
    CorTrust Bank $2,765,000 $2,580,000 -6.7% 2.9%
    First PREMIER Bank $1,140,000 $2,555,000 124.1% 2.8%
    QUICKEN LOANS, LLC $1,420,000 $2,400,000 69.0% 2.7%
    First National Bank of Omaha $1,535,000 $2,095,000 36.5% 2.3%
    U.S. Bank $1,600,000 $2,035,000 27.2% 2.3%
    Security National Bank of South Dakota $1,200,000 n/a 1.3%
    UNITED WHOLESALE MORTGAGE, LLC $1,175,000 n/a 1.3%
    Farm Credit Mid-America, ACA $1,105,000 n/a 1.2%
    Wells Fargo Bank $275,000 $1,095,000 298.2% 1.2%
    CARDINAL FINANCIAL $870,000 n/a 1.0%
    First International Bank & Trust $1,065,000 $815,000 -23.5% 0.9%
    First Interstate Bank $450,000 $725,000 61.1% 0.8%
    Reliabank Dakota $350,000 $700,000 100.0% 0.8%
    Rivers Edge Bank $160,000 $695,000 334.4% 0.8%
    CANOPY MORTGAGE, LLC $645,000 n/a 0.7%
    Mortgage Research Center, LLC $445,000 $570,000 28.1% 0.6%
    SIOUX FALLS $305,000 $560,000 83.6% 0.6%
    Mr. Cooper ( Nationstar Mortgage ) $135,000 $515,000 281.5% 0.6%
    First Bank & Trust $280,000 $495,000 76.8% 0.5%
    LOANDEPOT.COM, LLC $175,000 $490,000 180.0% 0.5%
    First National Bank $465,000 $470,000 1.1% 0.5%
    American Bank & Trust $390,000 $435,000 11.5% 0.5%
    CMG MORTGAGE, INC. $365,000 n/a 0.4%
    ARK-LA-TEX FINANCIAL SERVICES, LLC. $355,000 n/a 0.4%
    USAA Federal Savings Bank $520,000 $345,000 -33.7% 0.4%
    PENNYMAC LOAN SERVICES, LLC $205,000 $305,000 48.8% 0.3%
    Discover Bank $545,000 $290,000 -46.8% 0.3%
    FREEDOM MORTGAGE CORPORATION $290,000 n/a 0.3%
    Granite Community Bank $285,000 n/a 0.3%
    IOWA BANKERS MORTGAGE CORPORATION $265,000 n/a 0.3%
    RAILWAY CREDIT UNION $265,000 n/a 0.3%
    Alliance Bank $255,000 n/a 0.3%
    Barrington Bank & Trust Company, N.A. $125,000 $235,000 88.0% 0.3%
    CROSSCOUNTRY MORTGAGE, LLC $235,000 n/a 0.3%
    21ST MORTGAGE CORPORATION $225,000 n/a 0.2%
    BROKER SOLUTIONS, INC. $225,000 $225,000 0.0% 0.2%
    NEW DAY FINANCIAL, LLC $225,000 n/a 0.2%
    Carrington Mortgage Services, LLC $155,000 $185,000 19.4% 0.2%
    CU MORTGAGE DIRECT, LLC $200,000 $185,000 -7.5% 0.2%
    Minnwest Bank $365,000 $155,000 -57.5% 0.2%
    RESIDENTIAL BANCORP $120,000 n/a 0.1%
    AMERISAVE MORTGAGE CORPORATION $100,000 n/a 0.1%
    MUTUAL OF OMAHA MORTGAGE, INC. $85,000 n/a 0.1%
    AmeriHome Mortgage Company, LLC $300,000 $75,000 -75.0% 0.1%
    The First National Bank in Sioux Falls $15,000 $45,000 200.0% 0.0%

    Mitchell's top lender by overall market share is Plains Commerce Bank, with 24.3% market share. In second place, with 18.0%, is First Dakota National Bank, having originated $16,280,000 in loans. In third place, with 12.2%, is CORTRUST MORTGAGE, INC., having originated $11,010,000 in loans. In fourth place, with 9.0%, is BANKWEST, INC., having originated $8,120,000 in loans. In fifth place, with 4.1%, is Cornerstone Bank, having originated $3,710,000 in loans.

    Mitchell Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $157,350 (-2.8%) $265,278 (31.8%) 0.00 61
    2018-02-01 $173,250 (11.1%) $284,990 (48.7%) 0.00 60
    2018-03-01 $179,950 (15.4%) $290,792 (58.5%) 0.00 51
    2018-04-01 $187,000 (20.8%) $286,085 (52.1%) 0.00 58
    2018-05-01 $188,550 (14.5%) $272,187 (33.1%) 0.00 59
    2018-06-01 $189,900 (16.0%) $283,609 (38.4%) 0.00 58
    2018-07-01 $172,500 (6.2%) $257,974 (29.0%) 0.00 62
    2018-08-01 $164,025 (2.2%) $241,126 (15.8%) 0.00 72
    2018-09-01 $154,825 (1.0%) $237,602 (12.2%) 0.00 64
    2018-10-01 $155,725 (-0.5%) $216,512 (-12.9%) 0.00 63
    2018-11-01 $159,000 (2.1%) $211,855 (-16.5%) 0.00 65
    2018-12-01 $159,000 (2.7%) $210,066 (-17.5%) 0.00 63
    2019-01-01 $175,125 (11.3%) $232,271 (-12.4%) 0.00 47
    2019-02-01 $173,900 (0.4%) $192,018 (-32.6%) 0.00 42
    2019-03-01 $180,757 (0.5%) $201,643 (-30.7%) 0.00 43
    2019-04-01 $185,682 (-0.7%) $202,291 (-29.3%) 0.00 42
    2019-05-01 $170,925 (-9.4%) $195,686 (-28.1%) 0.00 49
    2019-06-01 $161,400 (-15.0%) $192,737 (-32.0%) 0.00 66
    2019-07-01 $161,700 (-6.3%) $192,598 (-25.3%) 0.00 71
    2019-08-01 $150,227 (-8.4%) $186,876 (-22.5%) 0.00 79
    2019-09-01 $143,068 (-7.6%) $177,818 (-25.2%) 0.00 80
    2019-10-01 $141,245 (-9.3%) $173,097 (-20.1%) 0.00 81
    2019-11-01 $138,500 (-12.9%) $170,060 (-19.7%) 0.00 72
    2019-12-01 $135,875 (-14.5%) $160,375 (-23.7%) 0.00 65
    2020-01-01 $131,750 (-24.8%) $147,682 (-36.4%) 0.00 61
    2020-02-01 $143,700 (-17.4%) $165,108 (-14.0%) 0.00 66
    2020-03-01 $147,175 (-18.6%) $167,904 (-16.7%) 0.00 69
    2020-04-01 $156,050 (-16.0%) $170,904 (-15.5%) 0.00 68
    2020-05-01 $155,000 (-9.3%) $168,076 (-14.1%) 0.00 67
    2020-06-01 $138,750 (-14.0%) $167,545 (-13.1%) 0.00 63
    2020-07-01 $138,250 (-14.5%) $191,529 (-0.6%) 0.00 62
    2020-08-01 $154,900 (3.1%) $192,154 (2.8%) 0.00 56
    2020-09-01 $149,950 (4.8%) $183,806 (3.4%) 0.00 53
    2020-10-01 $129,250 (-8.5%) $181,325 (4.8%) 0.00 47
    2020-11-01 $127,375 (-8.0%) $173,262 (1.9%) 0.00 44
    2020-12-01 $124,075 (-8.7%) $256,618 (60.0%) 0.00 36
    2021-01-01 $119,900 (-9.0%) $274,177 (85.7%) 0.00 31
    2021-02-01 $125,925 (-12.4%) $280,074 (69.6%) 0.00 32
    2021-03-01 $165,625 (12.5%) $289,084 (72.2%) 0.00 36
    2021-04-01 $192,000 (23.0%) $304,741 (78.3%) 0.00 39
    2021-05-01 $187,000 (20.7%) $340,158 (102.4%) 0.00 42
    2021-06-01 $223,250 (60.9%) $358,517 (114.0%) 0.00 42
    2021-07-01 $199,900 (44.6%) $354,556 (85.1%) 0.00 51
    2021-08-01 $199,650 (28.9%) $322,276 (67.7%) 0.00 60
    2021-09-01 $208,475 (39.0%) $332,006 (80.6%) 0.00 49
    2021-10-01 $165,000 (27.7%) $305,786 (68.6%) 0.00 41
    2021-11-01 $167,225 (31.3%) $283,475 (63.6%) 0.00 37
    2021-12-01 $157,350 (26.8%) $262,095 (2.1%) 0.00 32
    2022-01-01 $138,400 (15.4%) $254,184 (-7.3%) 0.00 26
    2022-02-01 $148,125 (17.6%) $259,657 (-7.3%) 0.00 29
    2022-03-01 $187,450 (13.2%) $282,707 (-2.2%) 0.00 34
    2022-04-01 $214,950 (12.0%) $296,663 (-2.7%) 0.00 43
    2022-05-01 $218,750 (17.0%) $308,567 (-9.3%) 0.00 48
    2022-06-01 $218,875 (-2.0%) $316,692 (-11.7%) 0.00 54
    2022-07-01 $221,250 (10.7%) $326,857 (-7.8%) 0.00 53
    2022-08-01 $233,500 (17.0%) $388,300 (20.5%) 0.00 47
    2022-09-01 $227,500 (9.1%) $396,818 (19.5%) 0.00 46
    2022-10-01 $250,000 (51.5%) $421,021 (37.7%) 0.00 37
    2022-11-01 $259,675 (55.3%) $443,019 (56.3%) 0.00 38
    2022-12-01 $359,900 (128.7%) $475,817 (81.5%) 0.00 33
    2023-01-01 $304,900 (120.3%) $465,379 (83.1%) 0.00 31
    2023-02-01 $324,999 (119.4%) $497,290 (91.5%) 0.00 32
    2023-03-01 $304,900 (62.7%) $490,748 (73.6%) 0.00 32
    2023-04-01 $299,000 (39.1%) $461,022 (55.4%) 0.00 35
    2023-05-01 $302,700 (38.4%) $434,734 (40.9%) 0.00 59
    2023-06-01 $295,600 (35.1%) $395,317 (24.8%) 0.00 80
    2023-07-01 $279,900 (26.5%) $358,222 (9.6%) 0.00 103
    2023-08-01 $273,675 (17.2%) $392,234 (1.0%) 0.00 64
    2023-09-01 $289,950 (27.5%) $381,828 (-3.8%) 0.00 64
    2023-10-01 $295,000 (18.0%) $374,315 (-11.1%) 0.00 50
    2023-11-01 $295,000 (13.6%) $351,890 (-20.6%) 0.00 53
    2023-12-01 $290,000 (-19.4%) $351,466 (-26.1%) 0.00 49
    2024-01-01 $279,000 (-8.5%) $345,589 (-25.7%) 0.00 45
    2024-02-01 $292,500 (-10.0%) $325,009 (-34.6%) 0.00 39
    2024-03-01 $309,900 (1.6%) $341,325 (-30.5%) 0.00 38
    2024-04-01 $310,725 (3.9%) $373,163 (-19.1%) 0.00 44
    2024-05-01 $363,750 (20.2%) $394,407 (-9.3%) 0.00 51
    2024-06-01 $340,000 (15.0%) $378,916 (-4.2%) 0.00 61
    2024-07-01 $311,975 (11.5%) $362,479 (1.2%) 0.00 62
    2024-08-01 $299,900 (9.6%) $383,395 (-2.3%) 0.00 70
    2024-09-01 $299,000 (3.1%) $387,547 (1.5%) 0.00 69
    2024-10-01 $314,250 (6.5%) $383,998 (2.6%) 0.00 70
    2024-11-01 $324,950 (10.2%) $395,562 (12.4%) 0.00 62
    2024-12-01 $364,000 (25.5%) $425,197 (21.0%) 0.00 52
    2025-01-01 $344,950 (23.6%) $380,880 (10.2%) 0.00 49
    2025-02-01 $370,250 (26.6%) $390,889 (20.3%) 0.00 43
    2025-03-01 $309,450 (-0.2%) $472,272 (38.4%) 0.00 48
    2025-04-01 $319,625 (2.9%) $484,877 (29.9%) 0.00 62
    Mitchell's median listing price for 2025-04-01 was $319,625, a difference of $8,900 (2.9%) versus the prior year and $10,175 versus the prior month.

    Mitchell's median listing price comes in at 0% of the national average.

    Mitchell's average listing price for 2025-04-01 was $484,877, a difference of $111,714 (29.9%) versus the prior year and $12,605 versus the prior month.

    For the 2025-04-01 period, Mitchell had 62 MLS listings, a difference of 14 listings (29%) versus the prior month and 18 listings (41%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,663 sqft
    2018-02-01 0 days 1,751 sqft
    2018-03-01 0 days 1,578 sqft
    2018-04-01 0 days 1,665 sqft
    2018-05-01 0 days 1,661 sqft
    2018-06-01 0 days 1,749 sqft
    2018-07-01 0 days 1,661 sqft
    2018-08-01 0 days 1,686 sqft
    2018-09-01 0 days 1,650 sqft
    2018-10-01 0 days 1,633 sqft
    2018-11-01 0 days 1,778 sqft
    2018-12-01 0 days 1,778 sqft
    2019-01-01 0 days 1,820 sqft
    2019-02-01 0 days 1,812 sqft
    2019-03-01 0 days 1,713 sqft
    2019-04-01 0 days 1,730 sqft
    2019-05-01 0 days 1,784 sqft
    2019-06-01 0 days 1,888 sqft
    2019-07-01 0 days 1,832 sqft
    2019-08-01 0 days 1,692 sqft
    2019-09-01 0 days 1,659 sqft
    2019-10-01 0 days 1,631 sqft
    2019-11-01 0 days 1,546 sqft
    2019-12-01 0 days 1,454 sqft
    2020-01-01 0 days 1,383 sqft
    2020-02-01 0 days 1,596 sqft
    2020-03-01 0 days 1,624 sqft
    2020-04-01 0 days 1,651 sqft
    2020-05-01 0 days 1,640 sqft
    2020-06-01 0 days 1,587 sqft
    2020-07-01 0 days 1,553 sqft
    2020-08-01 0 days 1,773 sqft
    2020-09-01 0 days 1,754 sqft
    2020-10-01 0 days 1,720 sqft
    2020-11-01 0 days 1,731 sqft
    2020-12-01 0 days 1,720 sqft
    2021-01-01 0 days 1,830 sqft
    2021-02-01 0 days 1,773 sqft
    2021-03-01 0 days 1,914 sqft
    2021-04-01 0 days 1,981 sqft
    2021-05-01 0 days 1,975 sqft
    2021-06-01 0 days 1,860 sqft
    2021-07-01 0 days 1,758 sqft
    2021-08-01 0 days 1,872 sqft
    2021-09-01 0 days 1,913 sqft
    2021-10-01 0 days 1,821 sqft
    2021-11-01 0 days 1,881 sqft
    2021-12-01 0 days 1,673 sqft
    2022-01-01 0 days 1,502 sqft
    2022-02-01 0 days 1,509 sqft
    2022-03-01 0 days 1,620 sqft
    2022-04-01 0 days 1,750 sqft
    2022-05-01 0 days 1,721 sqft
    2022-06-01 0 days 1,683 sqft
    2022-07-01 0 days 1,716 sqft
    2022-08-01 0 days 1,765 sqft
    2022-09-01 0 days 1,870 sqft
    2022-10-01 0 days 1,890 sqft
    2022-11-01 0 days 1,757 sqft
    2022-12-01 0 days 1,803 sqft
    2023-01-01 0 days 1,826 sqft
    2023-02-01 0 days 1,890 sqft
    2023-03-01 0 days 1,880 sqft
    2023-04-01 0 days 1,901 sqft
    2023-05-01 0 days 1,942 sqft
    2023-06-01 0 days 1,896 sqft
    2023-07-01 0 days 1,887 sqft
    2023-08-01 0 days 2,020 sqft
    2023-09-01 0 days 2,018 sqft
    2023-10-01 0 days 1,978 sqft
    2023-11-01 0 days 2,128 sqft
    2023-12-01 0 days 2,256 sqft
    2024-01-01 0 days 2,236 sqft
    2024-02-01 0 days 1,891 sqft
    2024-03-01 0 days 1,931 sqft
    2024-04-01 0 days 2,118 sqft
    2024-05-01 0 days 2,268 sqft
    2024-06-01 0 days 2,242 sqft
    2024-07-01 0 days 2,083 sqft
    2024-08-01 0 days 2,208 sqft
    2024-09-01 0 days 2,196 sqft
    2024-10-01 0 days 2,300 sqft
    2024-11-01 0 days 2,248 sqft
    2024-12-01 0 days 2,242 sqft
    2025-01-01 0 days 2,203 sqft
    2025-02-01 0 days 2,099 sqft
    2025-03-01 0 days 2,017 sqft
    2025-04-01 0 days 2,032 sqft
    Mitchell's median listing age (time on market) for 2025-04-01 was 0 days.

    Mitchell's median square footage for active listings during the 2025-04-01 period was 2,032 sqft. One year prior, the average listing was 2,118 sqft.

    Mitchell, SD Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 247 $60,055,000 $243,138
    Refi 56 $20,500,000 $366,071
    Home Improvement 40 $3,200,000 $80,000
    Other 33 $1,855,000 $56,212
    Cash Out Refi 27 $4,815,000 $178,333

    Mitchell's most frequently cited loan purpose was Home Purchase, with 247 originations. The 2nd most popular reason was Refi, with 56 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 152 $41,420,000 $272,500
    5-6% 76 $16,810,000 $221,184
    Over 8% 68 $9,910,000 $145,735
    7-8% 51 $16,535,000 $324,216
    2.5-3% 4 $120,000 $30,000
    4-5% 1 $105,000 $105,000
    <2.5% 1 $15,000 $15,000

    During 2024, Mitchell's most frequently originated rate bucket was 6-7%, with 152 originations.

    Loan Sizing (Mitchell, SD MSA)

    Loan Size Originations Total Value Average Loan
    $200k-400k 134 $35,450,000 $264,552
    $100,000 or less 124 $6,700,000 $54,032
    $100k-200k 109 $16,805,000 $154,174
    $400k-600k 20 $9,410,000 $470,500
    $600k-1000k 11 $7,855,000 $714,091
    $Over $1MM 5 $14,205,000 $2,841,000

    Mitchell's loan sizing saw the bucket of loans from $200k-400k with 134 originations, totaling $35,450,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 156 $38,200,000 $244,872
    60-80% 90 $30,870,000 $343,000
    20-40% 46 $7,610,000 $165,435
    Under 20% 37 $1,775,000 $47,973
    40-60% 19 $4,885,000 $257,105
    Over 100% 2 $870,000 $435,000

    Mitchell's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 156 originations, totaling $38,200,000 in origination value.